Bitcoin crashes! The deadline has come and all trading platforms will be shut down

Nakamoto 2025-11-4 16:57 29219人围观 BTC

Text/Xia Xinyu and Xu Yanyan of China Business News

Editor: Xiao V

On September 14, China Business News reporters exclusively learned from regulators close to the local Internet Financial Rectification Office that regulators have made a conclusion on domestic Bitcoin trading platforms: “All of them will be shut down and will withdraw from the market in the near future. ”

On the evening of the same day, a Bitcoin trading platform officially announced the closure of trading.

Bitcoin China, one of China's three major virtual currency trading platforms, issued an announcement that it will cease all trading operations on September 30. Public information shows that Bitcoin China is China’s longest-operating Bitcoin trading platform and was established on June 9, 2011.

Dear Bitcoin China users:

In accordance with the spirit of the document "Announcement of the People's Bank of China, Central Cyberspace Affairs Office, Ministry of Industry and Information Technology, State Administration for Industry and Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on Preventing Token Issuance Financing Risks" issued on September 4, adhering to the principle of preventing investment risks and maximizing the protection of user interests, the Bitcoin China team has made the following decisions after careful discussion:

1. Bitcoin China digital asset trading platform will stop new user registration from today；

2. The digital asset trading platform will cease all trading operations on September 30, 2017.

Bitcoin China's mining pool (Guochi) and other businesses will not be affected by this and will continue to operate normally.

Bitcoin crashed! According to data from Bitcoin China, Bitcoin's decline expanded to 22%, falling below the 20,000 yuan mark. Litecoin is now down 27.15%, Ethereum is down 15.12%, and Bitcoin Cash is down 70%.

Exclusive: All Bitcoin trading platforms will shut down and exit the market in the near future

On September 14, China Business News reporters exclusively learned from regulators close to the local Internet Financial Rectification Office that regulators have made a conclusion on domestic Bitcoin trading platforms: “All of them will be shut down and will withdraw from the market in the near future. ”

“The time limit is set at the end of September, and the standards are strict. ”the above-mentioned sources said.

Regarding the platform’s existing business, a person from the Bitcoin platform told China Business News that the regulatory requirement is “to be resolved through negotiation between the platform and its customers.” The above-mentioned sources close to the supervision also said that the supervision requirements were resolved smoothly and properly, but this time the overall intensity was greater.

On the evening of September 13, the Internet Finance Association of China issued a risk warning stating that various so-called “coin” trading platforms have no basis for legal establishment in my country.

He also stated that Bitcoin and other so-called "virtual currencies" are increasingly becoming tools for illegal and criminal activities such as money laundering, drug trafficking, smuggling, illegal fund-raising, etc. Investors should remain vigilant and report immediately if they find clues to illegal and criminal activities.

In addition to Shanghai, China Business News learned from multiple regulators close to the Internet Financial Rectification Offices in various places that upper-level supervision has made a conclusion on domestic Bitcoin trading platforms: “All of them will be shut down and withdraw from the market in the near future. ”

It is said that the main reasons for withdrawing on-site trading activities of virtual currencies and legal currencies from China are market risk, financial risk and social risk.

Recently, regulatory authorities in various regions have stepped up investigations into virtual currency trading platforms such as Bitcoin. The Beijing Municipal Financial Affairs Bureau held a meeting in early September and required the token issuance financing trading platform and the virtual currency trading platform to carry out comprehensive clean-up and rectification work.

In fact, regulators have been focusing on the Bitcoin platform since the beginning of this year.

On January 6, the Beijing Operations and Management Department of the People's Bank of China and the Shanghai Headquarters of the People's Bank of China successively interviewed the heads of major domestic Bitcoin trading platforms. Subsequently, a joint inspection team was formed to conduct on-site investigation.

On January 18, the central bank announced investigation results showing that several major trading platforms had irregularities to varying degrees. Bitcoin China has problems such as operating beyond its scope, conducting capital allocation business in violation of regulations, and failing to implement third-party custody of investor funds; "Okcoin" and "Huobi.com" conduct margin trading and securities lending business in violation of regulations, resulting in abnormal market fluctuations. In addition, none of these platforms have established relevant anti-money laundering internal control systems as required.

The China Mutual Finance Association pointed out in a risk warning on the evening of September 13 that in recent years, so-called "virtual currencies" such as Bitcoin, Litecoin and various tokens have been intensively traded on some Internet platforms, and the number of participants has gradually expanded, creating financial and social risks that cannot be ignored.

Bitcoin and other so-called "virtual currencies" lack a clear value basis, the market is highly speculative, and prices fluctuate violently. Investors blindly follow the trend and speculate, which can easily cause financial losses. Investors need to strengthen their awareness of risk prevention.

It is worth noting that so-called "virtual currencies" such as Bitcoin are increasingly becoming tools for illegal and criminal activities such as money laundering, drug trafficking, smuggling, illegal fund-raising, etc. Investors should remain vigilant and report the case immediately if they find clues about illegal and criminal activities.

The risk warning also emphasizes that investors who participate in speculation through so-called "virtual currency" trading platforms such as Bitcoin are exposed to risks of large price fluctuations, security risks, etc., and platform technology risks are also high. There have been many incidents of hacking and theft of trading platforms internationally, and investors must bear their own investment risks.

Recently, a large number of trading platforms have been suspended by regulatory authorities for supporting token issuance financing activities (ICO). Various so-called "coin" trading platforms have no basis for legal establishment in my country.

It is worth noting that the General Office of the State Council also issued opinions on improving the anti-money laundering, anti-terrorist financing, and anti-tax evasion regulatory systems and mechanisms on the 13th. It is proposed that by 2020, a "three antis" legal and regulatory system that adapts to the requirements of the socialist market economy, China's national conditions, and international standards will be initially formed, and a "three antis" regulatory coordination and cooperation mechanism with clear responsibilities, equal rights and responsibilities, and strong cooperation will be established to effectively prevent and control the risks of money laundering, terrorist financing, and tax evasion.

Bitcoin trading volume in China accounts for 98% of the world’s

Currently, Bitcoin trading activities are mainly in China. At the beginning of this year, the trading volume of only three domestic platforms, Bitcoin China, Okcoin, and Huobi, accounted for 98% of the world’s total. After the regulatory intervention, the trading volume within China dropped significantly, but it is still at a high level.

As of 14:30 on September 14, according to the foreign website bitcoinity.org, Okcoin’s transaction volume ranked second in the world, accounting for 12.45%, and Bitcoin China accounted for 10.64%, ranking third.

As early as August 30, the China Mutual Finance Association issued a risk warning for ICOs. On September 4, the central bank announced that it would classify ICO as an illegal financial activity and suspend all domestic transactions.

“Although this policy is aimed at ICOs, its characterization of virtual currencies such as Bitcoin can be seen. ”A person close to the regulator told China Business News.

Recently, other countries have also become stricter in regulating ICO and virtual currency investment activities. On September 12, the British Financial Conduct Authority (FCA) issued a warning regarding the risks of ICO and digital currencies. The FCA said that ICO is a high-risk and highly speculative investment activity. This is not the first time the FCA has issued a risk warning on virtual currencies such as Bitcoin.